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FSA-Retail Product Development and Governance-Structured Product Review
March 23, 2012--Executive Summary
1.1 Structured products1 are rising in popularity and we are concerned that the growing number of structured product sales, as well as increasing product complexity, is placing a strain on firms' systems and controls.
A lack of robustness in firms’ product development and marketing processes
can increase the risk of poorly designed products and lead to mis-selling, or mis-buying by
consumers.
1.2 To address this risk, we assessed seven major providers of structured products between November 2010 and May 2011. The review specifically looked at how the firms were designing structured products, identifying their target markets, and how they handled post-sales responsibilities.
view the FSA Retail Product Development and Governance-Structured Product Review
Source: FSA.gov.uk
The financial transaction tax will reduce Member States' GNI contributions to the EU budget by 50%
March 23, 2012--If adopted as a new own resource of the EU budget the financial transaction tax (FTT) will significantly reduce the contributions of member states to the EU budget.
According to estimates presented yesterday by the European Commission, Member States' contributions would be slashed by €54bn in 2020.
The Commission proposes that two thirds of the revenues of the FTT go to the EU budget, reducing by the same amounts Member States' contributions based on their GNI, with the remaining one third being retained by Member States. Therefore, every euro levied with the FTT will ultimately benefit the Member States, whether through direct revenue collection or through a reduction of contributions to the EU budget.
The financial sector does not pay VAT and has received massive support by taxpayer's money, said Financial Programming and Budget Commissioner Janusz Lewandowski. Taxing the transactions of all financial institutions at rates as low as 0.01% is only fair. Furthermore, the estimated revenue which the tax would generate by 2020 can only be welcome by cash strapped governments across the EU.
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Source: Europa
NYSE will not appeal EU merger veto
March 22, 2012--The transatlantic exchange operator NYSE Euronext announced Thursday that it will not challenge a European Union veto blocking its merger with German rival Deutsche Boerse.
"While we continue to believe that the European Commission decision was based on an incorrect determination of the relevant market definition, we do not believe that the interests of our shareholders and our company would be served by undertaking a protracted appeal," it said in a statement.
Deutsche Boerse said Monday it would challenge the commission's ruling last month against the proposed merger, which would have created the world's largest exchange operator.
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Source: EUbusiness
NYSE Euronext announces new ETF on European markets
March 22, 2012--NYSE Euronext is pleased to announce that Ossiam has listed 1 new ETFs on NYSE Euronext's Paris market today:
Trading Name:OSSIAM EM MINVAR E
ISIN:LU0705291903
Symbol:EMMV
Reuters RIC:EMMV.PA
BBG Ticker:EMMV FP
Underlying index:Ossiam Emerging Markets Minimum Variance
TER:0.75
NYSE Euronext has now 694 listings of 596 ETFs based on more than 450 indices.
Source: NYSE Euronext
Spain’s borrowing costs rose above 5.5%
March 22, 2012--Spain's borrowing costs rose above 5.5% for the first time since January as investors fretted about another escalation
of the eurozone crisis amid signs of further economic weakening even in Germany.
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Source: FT.com
EU bids to open market access in emerging nations
March 21, 2012--The European Union unveiled proposals Wednesday aimed at forcing emerging powers such as China to offer European firms access to lucrative government contracts.
After repeatedly complaining about Chinese restrictions, the European Commission proposed measures to allow the 27-nation bloc to bar foreign firms from winning government contracts if their countries block European companies.
"We are simply asking them to open their markets for our products just as we have been doing for theirs," EU Trade Commissioner Karel De Gucht told a news conference. "It's about fundamental fairness."
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Source: EUbusiness
Three new Lyxor bond index ETFs launched on Xetra
Lyxor ETFs cover EuroMTS Macro Weighted AAA Gov Index
March 21, 2012--Deutsche Börse continues to expand its XTF segment for exchange-traded index funds. Three new Lyxor bond index ETFs have been tradable in the XTF segment since Wednesday.
ETF name: Lyxor ETF EUROMTS AAA Macro Weighted Government 1-3Y
Asset class: bond index ETF
ISIN: FR0011146315
Total expense ratio: 0.165 percent
Distribution policy: non-distributing
Benchmark: EUROMTS AAA Macro Weighted Government Index (1-3Y)
ETF name: Lyxor ETF EUROMTS AAA Macro Weighted Government 3-5Y
Asset class: bond index ETF
ISIN: FR0011146349
Total expense ratio: 0.165 percent
Distribution policy: non-distributing
Benchmark: EUROMTS AAA Macro Weighted Government Index (3-5Y)
ETF name: Lyxor ETF EUROMTS AAA Macro Weighted Government 5-7Y
Asset class: bond index ETF
ISIN: FR0011146356
Total expense ratio: 0.165 percent
Distribution policy: non-distributing
Benchmark: EUROMTS AAA Macro Weighted Government Index (5-7Y)
Lyxor enables investors to participate in the performance of bond ETFs from the EuroMTS AA Macro Weighted Government index family. Investors can choose from three bond ETFs with differing maturities, which track the performance of euro-zone government bonds with an AAA rating. The individual bonds are weighted on the basis of macroeconomic indicators.
The product offering in Deutsche Börse’s XTF segment currently comprises a total of 947 exchange-listed index funds, making it the largest offering of all European stock exchanges.
Source: Xetra
Eurex to offer new futures on French government bonds
Futures launch date 16 April 2012
March 21, 2012--The international derivatives market Eurex Exchange announced today that it will be launching a new interest rate futures contract based on the notional long-term bonds issued by the French Republic (Obligations Assimilables du Trésor – OAT) on 16 April 2012.
The Euro OAT Futures extend the existing offering of benchmark futures on German government bonds (Buxl, Bund, Bobl and Schatz futures) and the short-, medium- and long-term futures on Italian government bonds (Euro BTP Futures) launched between 2009 and 2011. The interest rate future on French government bonds represents a significant addition to the range of efficient and effective hedging instruments on the European bond market.
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Source: Eurex
DB - Equity Research-ETF Research : Weekly European ETF Market Monitor
March 21, 2012--The most recent issue ofthe Weekly European ETF Market Monitor is now available. The report includes key statistics on the European ETF market as well as global ETF market highlights.
For more detailed coverage please refer to our monthly report, issued in the first week following the end of each month.
To request a copy of the report
Source: Christos Costandinides, European Head of ETF Research & Strategy, Deutsche Bank
Budget 2012-HMK Treasury
March 21, 2012--Summary of key Budget announcements
Budget 2012 announces wide-ranging reforms to the tax system to reward work and support growth. These reforms will lower headline rates, diversify and broaden sources of revenue, and reduce reliefs. These reforms are based on the principle that the tax system should be fair, efficient and simple.
It also announces the next stages in the Government’s plans for supporting businesses. The Government is committed to driving through the measures announced in The Plan for Growth and Autumn Statement 2011, and is taking further steps in this Budget to stimulate investment, exports, enterprise and the employment market.
The action the Government has taken since the June Budget 2010 has restored and maintained stability and kept interest rates near record lows.
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Source: HM Treasury
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